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State sells shares of CE Oltenia, Hidroelectrica, Bucharest Airports, Salrom and Constanta Port but keeps majority package
The state sells shares of Power Complex Oltenia, Hidroelectrica, Bucharest Airports National Company, CNAPM Constanta and Salrom but will remain majority shareholder for these companies considered strategic, according to a memorandum published by the Executive on Tuesday.
The money obtained from selling shares will be at the disposal of companies and will be used to finance investment programs.
The state will also lose/reduce the package of shares held at Rompetrol, Sanevit 2003 Arad and 22 other companies subordinated to the State Domain Agency. The money obtained from selling the shares will be deposited with the State Treasury, according to provisions of emergency government order on setting up the National Development Fund.
The Energy Ministry will make a public offer at Oltenia Power Complex and Hidroelectrica to increase the capital by 15.29% and 15% respectively, while at Rompetrol it will sell a package of shares of 26.6959% from shares owned by the state in public auction.
The Ministry of Transports suggests that at Bucharest Airports and CNAPM Constanta the social capital will grow by issuing new shares representing 20-25% of the social capital of every company and their sale at BVB.
In the case of SNCFR Marfa the ministry suggests to establish the package of shares to be sold and the privatization method based on studies sent by the privatization consultant. The government approved on June 15, 2016 an action plan to restructure the company, followed by the initiation of privatization in the first semester of 2018. After implementing the restructuring program in 2017 and the issue by the consultant of opinions and conclusions on applying measures of strategic restructuring, the privatization strategy approved by Government Decision 46/2013 will be modified and all approvals will be obtained from CSAT and Competition Council.
The Ministry of economy, trade and relations with business environment suggests the sale of the package of shares held by the state (100%) at Sanevit 2003 Arad, by tender.
The sale process was initiated in 2015 and resumed in 2016 by the publishing of a new sales offer but there was no bidder. The company has a difficult economic-financial situation, the production activity being stopped in 2013.
For the National Salt Company - Salrom, the ministry elaborated a synthetic analysis for a potential listing of the company at BVB as the Property Fund intends to list a package of shares held at the company.
The company has a social capital of 40,936,410 lei of which the Romanian state owns 51% and Property Fund has 49%. Any operation to list company shares will be made if the state keeps the majority package of at least 51% at Salrom.
The State Domain Agency suggests the sale of minority packages of shares for 22 companies by public tender, the share owned by the state being between 0.0005% and 36,000%.
At present 9 companies with majority capital held by the state have been listed in the market since 1997: Antibiotice, Conpet, Oil Terminal, Transelectrica, Transgaz, Nuclearelectrica, Romgaz, IAR, etc.
The money obtained in the privatization process are in the accounts of the Public Finance Ministry opened at the National Bank of Romania. On July 14, 2016 the accounts included 1.302 billion lei, 186,000 dollars and 1.504 million euros.